The article “Secure Crypto Exchanges to Use in 2024” explores an important characteristic that most investors overlook when starting with digital assets — security.
There are a lot of exchanges where you can buy, sell, or trade cryptocurrencies, with some having more affordable fees than others, a longer track record, advanced trading features, a wider selection of assets, and most importantly, guaranteeing fund safety.
It is not surprising to find investors who have been in the game for a long time with accounts on more than one exchange. However, there will always be the one they trust most with their funds, private data, and financial information.
If you are new, it’s never a bad idea to try out several cryptocurrency exchanges before choosing a suitable one that works for you. In any case, a cryptocurrency buyer/seller must always be careful and avoid exchanges where they risk losing their funds to hackers.
Quick Picks for Safest Cryptocurrency Exchanges
Bitget — The Safest Cryptocurrency Exchange
- Spotless track record in ensuring the safety of customer funds and data;
- Zero hack security record;
- Has a customer protection fund of 300 million;
- High transparency of activity and Proof-of-Reserves data.
Coinbase — A Publicly Traded Cryptocurrency Exchange
- A publicly traded company meaning higher transparency;
- User-friendly;
- Introduced strong safety measures after facing several hack incidents in the past;
- Smaller amount of hacks compared to other exchanges.
Kraken — Professional Grade Exchange for Experienced Crypto Traders
- Premium security features;
- Affordable transaction fees;
- Favors highly experienced digital asset traders.
Comprehensive Review of the Top 3 Most Secure Cryptocurrency Exchanges
To assist our readers pick the safest cryptocurrency exchange in 2024, we wrote an independent assessment to ensure they make educated judgments when picking an exchange to buy or sell digital assets.
Bitget
Key Features
- Transaction Fees: 0.00% - 0.10%
- Cryptocurrencies: 700
- Minimum Deposit: $1
- Advanced Trading Features: Spots, futures, margin, copy trades, crypto Lending, staking
- P2P Support: Yes, for any local payment method in your region
- Fiat Currencies: USD, EUR, UAHCAD, GBP, BRLCHF, TRY and RUBINR
- Payment Methods: Supports 140+ fiats via credit/debit card, Apple Pay, Google Pay, Banxa, AlchemyPay, Mercuryo and many more.
Why We Chose Bitget
Crypto has already lost $210.7 million to crypto hacks in the first two months of 2024. This indicates insecurity on crypto platforms is a grave concern in the space and that’s why we want you to be on the winning team. Bitget is one of those rare, high-quality, and secure crypto exchanges that has not suffered a hack since launching in 2018.
The exchange offers various advanced trading features including futures trading, spots, staking, and crypto lending. Bitget is already approaching 25,000,000 million registered users who have access to a diverse portfolio of 700 crypto assets and over 1,000 tradeable pairs.
In 2023, Bitget acquired a controlling stake in the cryptocurrency wallet Bitkeep. Bitkeep retained its own team and received significant investments aimed at enhancing the security of user funds storage following a security incident in 2022.
Pros and Cons:
Pros
- Wide selection of cryptocurrencies;
- Competitive fees;
- Premium liquidity;
- Launchpad for onboarding the latest quality projects;
- Reliable customer support;
- Military-grade security.
Cons
- Not available in some U.S. Jurisdictions.
Coinbase
Key Features
- Transaction Fees: 0.00% - 0.6%
- Cryptocurrencies: 248+
- Minimum Deposit: $2
- Advanced Trading Features: Futures, derivatives, Coinbase earn, staking pools, NFTs
- P2P Support: Yes
- Fiat Currencies: 60+ fiat currencies including the major ones
- Payment Methods: Bank Account ACH, wire transfer for deposits, Apple Pay, Google Pay, Gift Cards, PayPal
Overview of Coinbase
Coinbase launched in 2012 and holds status among the oldest cryptocurrency exchanges. Most people love Coinbase for being user-friendly, and available in the United States. In 2021, the platform was the first cryptocurrency exchange in the United States to be listed on the New York Stock Exchange (NYSE).
Due to its ease of use, Coinbase has become the go-to platform for many people entering the crypto space. The platform has the user experience of an online banking application, which has made it a smooth transition for people coming from traditional finance.
While Coinbase is a suitable exchange, most complaints surrounding it have ranged from high fees to a tedious process when attempting to reach customer support.
It is easy to say cryptocurrency hacks are a normal occurrence in the crypto space but you cannot ignore Coinbase has suffered several hacks in the past. Coinbase still has some room to improve regarding its security measures and tackle incidents like the loss of
Pros and Cons:
Pros
- Available in the U.S;
- Wide selection of cryptocurrencies;
- Friendly to beginners;
- Supports multiple fiat currencies and payment methods.
Cons
- Lacks reliable customer support.
Kraken
Key Features
- Transaction Fees: 0.00% - 0.26%
- Cryptocurrencies: 200+
- Minimum Deposit:$1
- Advanced Trading Features: Margin, Futures, NFTs
- P2P Support: Yes
- Fiat Currencies: EUR, USD, CAD, AUD, GBP and CHF
- Payment Methods: Domestic transfers, Wire, SEPA
Why We Chose Kraken
Jesse Powell founded Kraken in 2011 and the exchange has grown into popularity for its low transaction fees. It is a suitable cryptocurrency platform for professional digital asset traders looking for a quality cryptocurrency exchange. The platform pays attention to its security measures to guarantee the safety of funds and personal data. Some of the measures that Kraken has implemented to bolster its security include regular audits by external parties where they also report Proof of Reserves. It is worth highlighting that Kraken has two exchange platforms, Kraken and Kraken Pro. Our top pick between the two for the most secure and robust cryptocurrency exchange is Kraken Pro.
Kraken Pro is a fair choice for crypto traders who are starting and an even better one for professional traders who have been in the game for a while. Let’s look at the pros and cons of using Kraken:
Pros and Cons:
Pros
- Good selection of cryptocurrencies;
- Low transaction fees;
- High liquidity;
- Reliable;
- Robust security features.
Cons
- Not available in some U.S. jurisdictions.
Factors that Influenced Our Top Picks for the Safest Crypto Exchange
Why Bitget, Coinbase and Kraken
One of the most important factors that remained central while picking our list of safe cryptocurrency exchanges was security features. Even if an exchange has a good reputation for safeguarding user funds, we wanted an exchange where users were also in control of their funds. Features like 2-factor authentication, a cold storage option such as the Bitget Wallet or Coinbase Wallet by Coinbase, and KYC features.
Compliance with local and international regulations also highlights an exchange’s commitment to security and transparency. While we understood there are many caveats that cryptocurrency platforms are battling to satisfy in financial regulations, we checked if they were trying to satisfy the most crucial ones like observing AML requirements, providing regular proof of reserves, and having a protection/insurance fund in case a breach happened. We found out that Coinbase, Bitget, and Binance all have a customer protection fund that acts as a safety net in case there is a breach. Despite not recording a security breach of any kind since launching, Bitget encourages users to apply for its
We also emphasized factors like user experience, customer support promptness, available crypto assets, adaptability to the evolving blockchain landscape, affordability, and ease of use. An impeccable combination of all these factors helped us come up with three of the safest and most robust crypto exchanges in 2024, Bitget, Coinbase and Kraken.
Whereas we found Binance, Huobi, and OKX decent enough to feature on a top exchanges listicle like this one, we have reasons why they couldn’t make it to the top 3.
Binance has a great user experience, advanced trading features, and high liquidity. However, the exchange is facing regulatory compliance troubles with the Securities and Exchanges Commission (SEC). The former CEO Changpeng Zhao who currently faces charges for violating security laws was forced to step down in November 2023.
OKX is another decent cryptocurrency exchange with a wide range of cryptocurrencies to choose from, and a friendly user interface. However, the exchange seemed to have
HTX, formerly Huobi, is a fair candidate for suitable cryptocurrency exchanges but when it comes to security, one might be discouraged by the November 2023 hack that led to
Verdict: Which is the Most Secure Crypto Exchange in 2024
Picking a secure crypto exchange is a critical decision for both starters and seasoned crypto traders. When picking a suitable exchange, prioritize the factors we discussed above starting with reputation, safety track record, user experience, reliability of customer support, and affordability of transaction fees. The exchange should also align with your trading goals, this means you should not pick an exchange without P2P features if P2P crypto trading is your business. We have done our part by bringing you the most eligible cryptocurrencies to choose from when prioritizing security, however, remember to always conduct your own research, and due diligence.
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Vested Interest Disclosure: This author is an independent contributor publishing via our brand-as-author program. Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR